Last weekend saw the 2 month anniversary of MiFID II. Although some things are settling down, there are still a few issues that have been reported since our last post (see here) . This article on IFLR Insight reports on issues that many Investment Firms are experiencing with transaction and trade reporting. For those caught, such reporting is not easy. The article talks of the issues with the reporting of derivatives, which is not the same as EMIR reporting. The recent Call for Input from the FCA on Regtech (see here) seeks to somehow address some of these issues.
This article on Money Marketing reports on comments made by Andrew Bailey of the FCA, stating that MiFID II has avoided any “disasters”, but confirms the challenge of transaction reporting. There is a reminder that the data is being collected to monitor for market abuse, with practical consequences surely not that far away. This article, reporting on the same speech, highlights the FCA’s balanced approach to enforcement of the rules at this stage.
Those in the commodity and energy industry who are not Investment Firms have focused on issues such as position limits. We will here more of their experiences at the ETRC Summit which starts tomorrow in London.